Kellogg Narrows Loss on Stronger Sales

Kellogg (K) narrowed its fourth-quarter loss and beat Wall Street expectations for sales and earnings, as the company’s acquisition of Pringles and growth in the Americas fueled results.

Sales grew 18.2% during the period, while adjusted sales to exclude foreign-exchange translation and the Pringles deal rose 5.3%. The company, which increased fourth-quarter advertising expenditures by 11%, benefited from higher prices and new products.

A switch in accounting methods for its pension also helped Kellogg narrow its loss for the period to $32 million, or nine cents a share, compared to a $195 million loss, or 54 cents a share, a year earlier. Adjusted per-share earnings, which exclude some items, rose to 67 cents from 64 cents.